Romney's in a bad spot. It seems clear he decided not to release the tax records because he felt it wouldn't help his chances in the election. Not releasing them has the same effect, and the longer he waits and the more he resists, the more some people will think that indicates he's hiding something juicy. It's hard for Romney to claim the records aren't relevant when his father released his in the past when running for office.
There might be a bunch of reasons why Romney won't release his tax returns. This was sent to me in one of those email blasts from a friend of mine.
A few things Romney’s past returns might tell us:
First and most obviously: “How did Romney get his tax rate down to just 13.8%?” – We know from his one released return, that despite all the Republican caterwauling about America having “the highest corporate tax rate in the world”, Romney’s tax rate was lower than someone making $17,000/year (below the Poverty Line for a family of three). We only know part of the story so far: those tax shelters in Switzerland, Ireland, Bermuda, the Cayman Islands and Luxembourg. But Romney is worth (according to his 2010 tax-return) nearly a quarter-billion dollars. Now consider the fact he stashed nearly $30-Million (ibid “1997″ link) in his Cayman Islands account alone, and Lord only knows how much he stashed in those other tax-shelters. Suddenly, we’re not looking at an effective tax rate of “14%”, but possibly something more like SIX percent (or even less). Romney’s (legal) tax evasion could reach into double-digit millions.
Following up on that, might there have been years Romney paid 0% in taxes? It is EXTREMELY likely Romney paid NOTHING in taxes for a number of years (or worse, got money BACK from the government), throwing a huge bucket of cold-water on all those claims of “soak the rich” by the Right, obliterating any sympathy from struggling Middle-Class voters, all while lending support for the “Occupy” Movement’s outrage over “tax fairness”. How does your candidate then go around the country and make a convincing case that “the rich are paying too much and need a tax break” after we find out there were years he didn’t pay a dime in taxes? If you’ve been paying “nothing” for years, tweaking your tax return so that you take fewer deductions one year in order to raise your rate to the giddy height of (a whopping) 14 percent might seem like the prudent thing to do. As George Romney said, “one year might be a fluke.”
We are only now starting to learn Romney was still the “sole shareholder, President and CEO” of Bain Capital for three years after he supposedly left the company in 1999 to run the 2002 Winter Olympics. Many of Bain’s most egregious profiteering took place in those years, yet Romney was always able to deny responsibility for those years by claiming he had “retired” by then. Of course, we know now the company declared he was only on a ”temporary leave of absence”, and… despite organizing the Winter Olympics in Utah… was still being paid $100,000/year for doing “absolutely nothing”. That isn’t as far-fetched as it might sound. It’s not unheard of for companies to agree to continue a Chief Executive’s salary even after they’ve gone just for the right to keep their name on the letterhead to prevent customers from bailing. So going after Romney on that particular bit of decadence… while a real turn-off for struggling voters… is hardly evidence of anything “criminal” or even (arguably) “unethical”. But what if those tax returns show that Romney was indeed still running Bain, or at the very least, still making decisions and representing the company. We already know Romney testified under oath that he “flew back home” while managing the Olympics to “attend board meetings” of some of the companies Bain managed.
Besides that “$100,000″ paycheck, might any income from some of those plant closures have made their way into Romney’s coffers? Bain owned a huge stake in most of the companies they financed. Sure wouldn’t look too good if… following a plant closure and liquidating their assets… Romney “made a killing” off the sale of those assets (this is also known as profiting off human-misery).
Might we see some “business deductions” associated with some of those plant closures Romney says he had no connection to? This is what Kojak called “placing the suspect at the scene of the crime.”
Speaking of “profiting off misery”, how about receiving “stock options” from the companies Bain took over while Romney was in Utah? If you’re paid dividends, you should be paying the Capital Gains rate of 15% on those dividends… unless you’re sheltering that income overseas, in which case we are back to paying zero in taxes.
Romney stands to save a lot of money by extending the Bush tax cuts. “Just how much” it might profit Romney personally to extend those cuts could be answered by seeing those past returns.
Did Romney donate to any charities he wouldn’t want to have to explain? We already know he donated millions to the Mormon church at the same time the church spent $8.4 million in 2008 to pass “Prop 8″, California’s anti-gay marriage amendment, as well “The Becket Fund”, a group that fought to keep discrimination against gays in the workplace, legal.
We already know some of the companies Bain invested in benefited from The Stimulus. Any of that Stimulus money find its way into Mitt’s pocket?
And lastly, if it does turn out Romney weaseled out of paying taxes for the better part of a decade, he could wind up owing tens of millions in back taxes, penalties & fines. Not only would it cost him a ton of money, it would assuredly cost him the presidency.
Or then again. They might show nothing. Which then wouldn't make sense why he wouldn't release them.
He's desperate to shift the narrative to the out of context line "you didn't build that" because his campaign has no substance. A great example would be what he plans to do with war in Afghanistan. Which is now the longest war in US history. This issue isn't going away and is slowly sinking him.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.